Those five digits at the end of a mailing address—the zip code—don’t always come cheap.
PropertyShark’s recent annual ranking of the most expensive zip codes in the country saw two East End zips crack the top 10. Water Mill’s 11976 ranked No. 9, while Wainscott’s 11975 made it just under the wire at No. 10. Both climbed seven positions in a year.
Meanwhile, Sagaponack’s 11962, which was the priciest zip code for two consecutive years, slipped all the way down to No. 15.
PropertyShark, a real estate data website for both homebuyers and industry professionals, bases its rankings on closed home sales.
“We consider our report to be the most accurate benchmark of the country’s most exclusive areas as we are the only publisher who is analyzing closed sales prices and not asking prices,” the website states, explaining that the asking prices of luxury listings can often be inflated, before hefty price cuts.
The ranking considers only residential transactions—and that includes condos, co-ops, and single- and two-family homes.
According to PropertyShark, the Water Mill zip code had a median sales price of $3,162,500 and Wainscott set the minimum for the top 10 at a round $3 million.
Sagaponack’s median was $2,819,000. PropertyShark attributed Sagaponack’s drop in rank to more sales being recorded at lower price points. The median sales price was $5.5 million in 2016 and $8.5 million in 2015.
Bridgehampton’s 11932 came in at No. 26 for 2017, with a median of $2,525,000, and Amagansett’s 11930 ranked No. 49 with $1,781,250.
The only Hamptons zip code on the west side of the Shinnecock Canal to make the top 100 was Quogue’s 11959. The median there was $1,452,500 and the rank was No. 86. Sag Harbor’s 11963 also made the cutoff. Its median was $1,425,000 and its rank was No. 92.
Forbes, which released its annual list of the most expensive zip codes back in November 2017, saw things differently. Sagaponack was ranked No. 6 with a median price of $6,852,692, falling just two spots from its 2016 rank. Bridgehampton was No. 37 at $3,907,692, falling from No. 19 in 2016, and Water Mill was No. 45 at $3,498,134, falling from No. 36 in 2016.
Amagansett and Wainscott broke the Forbes top 100 at No. 65 and No. 77, respectively, with medians of $3,179,571 and $2,878,400.
27east on Jan 22, 2018